The war in Iran could hit a heavy blow to one of the country’s largest industries, one that supports millions of livelihoods.
Now in its fourth week, the conflict has sparked the largest oil supply shock in history and sent gasoline prices soaring worldwide. But fuel products are not the only item to normally pass through the Strait of Hormuz, the critical waterway that has essentially been blockaded for almost a month.
The sector generates $10.4 trillion in value, around 20% of the U.S. economy’s overall value, the report found. It also supports more than 48 million jobs, including positions in government, tourism, and retail. The jobs story is actually one of growth, as the report also found direct employment in the food and agriculture sector has risen 6.5% over the past decade.
Fertilizer plays an important role in the agricultural economy. In a statement, Corey Rosenbusch, CEO of the Fertilizer Institute, an industry group that participated in the report, called the impact of fertilizers “essential” to the economy.
“Each year, fertilizer delivers $37 billion in wages, supports half a million jobs, and has an economic impact of $140 billion,” he said.
